Dollar rises following Yellen remarks on rate hi

NEW YORK: The dollar rose Friday against the euro, the yen and the British pound following remarks from the US central bank favoring a near-term increase in interest rates.In a much-anticipated address, US Federal Reserve Chair Janet Yellen said the case had “strengthened” in recent months for a rate increase but did not clearly say when this could occur.Toward 2100 GMT, the euro was at $1.1195, down from $1.1281 on Thursday while the dollar rose to 101.77 yen, up from 100.55.The pound fell to $1.3135 from $1.3187. Christopher Vecchio, a currency analyst at DailyFX, said Yellen’s speech had given the dollar trade a needed shot in the arm on currency markets.”The US Dollar Index, mired in an apathetic lull the past several days, is in the midst of posting its widest daily trading range of the week on the back of Chair Yellen’s commentary,” said Vecchio.US central bankers are due to meet again three times between now and the end of the year.